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#2
02-19-2004, 02:15 PM
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 Re: Sold Our Home - paid the buyers closing costs Harlan Lunsford <lunstax[at]bellsouth.net> wrote: - quote - > Bill Towne wrote:
I think you misread his post. The points were on a home he> > At closing, the closer said that the $5000 that we, the > > sellers, paid the buyer for closing costs was tax-dedcuable, > > along with $635.46 for State tax/stamps deed. Is he right? > > I can't find anything on it, and don't know where it would > > go on my tax forms. > Wish I had a dime for every time I've heard this one. > Only the points paid included in that 5000$ are deductible. > See your closing statement for two items top of page two > labeled loan origination fees and/or discount points. > something like that. > Actually if this involves a mortgage loan for which you > receive a form 1098 from the lender, you'll notice the > applicable points listed as a separate item. sold. So the buyer gets the deduction for the points on Schedule A. The seller just has an expense of selling the home. Drew Edmundson, CPA (NC) << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
02-17-2004, 10:29 PM
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| Re: Sold Our Home - paid the buyers closing costs Bill Towne <me[at]home.com.easynews.com> writes: - quote - > At closing, the closer said that the $5000 that we, the
These items reduce your gain. If your gain is excluded from> sellers, paid the buyer for closing costs was tax-dedcuable, > along with $635.46 for State tax/stamps deed. Is he right? > I can't find anything on it, and don't know where it would > go on my tax forms. tax because of the personal residence sale exclusion you get no tax benefit. See Pub 523. Phil Marti Topeka, KS << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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02-17-2004, 10:10 PM
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| Re: Sold Our Home - paid the buyers closing costs Bill Towne wrote: - quote - > At closing, the closer said that the $5000 that we, the
Wish I had a dime for every time I've heard this one.> sellers, paid the buyer for closing costs was tax-dedcuable, > along with $635.46 for State tax/stamps deed. Is he right? > I can't find anything on it, and don't know where it would > go on my tax forms. Only the points paid included in that 5000$ are deductible. See your closing statement for two items top of page two labeled loan origination fees and/or discount points. something like that. Actually if this involves a mortgage loan for which you receive a form 1098 from the lender, you'll notice the applicable points listed as a separate item. Cheer$, Harlan Lunsford, EA n LA << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
02-16-2004, 08:28 PM
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| Sold Our Home - paid the buyers closing costs At closing, the closer said that the $5000 that we, the sellers, paid the buyer for closing costs was tax-dedcuable, along with $635.46 for State tax/stamps deed. Is he right? I can't find anything on it, and don't know where it would go on my tax forms. Thanks ~Bill Towne << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| buyers, closing, costs, home, paid, sold |
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